Observe.ai, an artificial intelligence (AI) powered speech analytics and quality management platform, on Wednesday said it has raised $125 million (around Rs 950 crore) in a Series C funding led by SoftBank Vision Fund 2.
The round also saw participation from Zoom and Observe.ai’s existing investors Menlo Ventures, Scale Venture Partners and Nexus Venture Partners.
The fresh capital will be deployed to expand the company’s intelligent workforce platform, invest in research and development (R&D) functions and scale the go-to-market team, including the direct and channel-based motions.
San Francisco-based Observe.ai is being operated by Z21 Labs Inc. and has an office in Bengaluru. The latest round takes the company’s total capital raise so far to $213 million.
Priya Saiprasad, Partner at SoftBank Investment Advisers will be joining the board of directors of the company, Co-Founder and CEO Swapnil Jain, said in a Twitter post.
Saiprasad said, “We believe the company has built an intelligent, flexible platform with endless use cases, from healthcare companies seeking to enhance the patient experience through to financial institutions aiming to boost revenue.
“Observe.ai has risen to meet this crossroads for the contact center industry, in which the market is undergoing massive transformation. Investment in the right technologies will make or break business outcomes,” Jain said.
Founded in 2017 by Swapnil Jain, Akash Singh and Sharath Keshava Narayana, the company employs speech and natural language processing algorithms in its voice AI platform allowing customers to conduct a quality check on all service calls and ensure protocol compliance.
In September 2020, Observe.AI raised $54 million in a Series B funding round. In August 2018, the company raised $8 million in a funding round led by Nexus Venture Partners.